The relaxing of foreign real estate investment laws in Abu Dhabi will create jobs and stoke demand for property, according to one of the leading property developers in the United Arab Emirates.
"We've always traditionally had strong interest from international buyers, but one of their key concerns was this concept of land ownership," Al Dhiyebi said on Sunday. Property developers like Aldar hope the initiative will encourage longer term residencies and inject more liquidity into the UAE's real estate market, a life-blood of the national economy that has struggled in recent years due to oversupply and limited demand.
Analysts at S&P Global have previously warned that real estate prices in Dubai should not see any significant improvement until 2022.
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